UK gigafactory start-up Britishvolt is set to be bought by an Australian company, after having entered administration.
Recharge Industries has been announced as the preferred bidder for Britishvolt which will save the project from collapse.
EY, which is overseeing the administration, said in a statement: “EY is pleased to announce that the Joint Administrators have entered into an agreement with Scale Facilitation Partners LLC and its indirectly wholly owned subsidiary Recharge Industries Pty Ltd to be the preferred bidder in acquiring the majority of the business and assets of Power by Britishvolt Limited (in Administration). This follows a process conducted by EY that involved the consideration of multiple approaches from interested parties and numerous offers received. Completion of the acquisition is expected to occur within the next seven days.”
Reportedly, Recharge Industries is building an EV battery production facility in Australia. No details have been released of Britishvolt’s plans in the north-east of England yet.
Britishvolt entered administration back in November 2022 but then entered administration again in January 2023. The company had been seen as a project to boost the country’s production of EV components.
The manufacturing facility had plans to produce up to 300,000 electric car batteries a year, with the company beginning battery production in late 2024. This was announced as delayed in the middle of 2025.
Britishvolt has never secured any customers for its proposed battery technology, but has signed memorandums of understanding with both Lotus and Aston Martin to develop technologies suitable for use in those company’s electric vehicles.